Tender Offer - Final Results Announcement

Adecco Intl Financial Services B.V.

06 December 2023

 

Adecco International Financial Services B.V. announces Results and Pricing of Tender Offer for its

€500,000,000 1.000 per cent. Notes due 2 December 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA OR INTO ANY OTHER JURISDICTION OR TO ANY OTHER PERSON WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT

6 December 2023.  Adecco International Financial Services B.V. (the Company) announces today the results and pricing of its invitation to holders of its outstanding €500,000,000 1.000 per cent. Notes due 2 December 2024 (ISIN: XS1527526799) (the Notes) (such Notes being guaranteed by Adecco Group AG), to tender their Notes for purchase by the Company for cash (such invitation the Offer).

The Offer was announced on 28 November 2023, and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 28 November 2023 (the Tender Offer Memorandum) prepared by the Company. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum. An indicative results announcement was made earlier today (the Indicative Results Announcement).

The Expiration Deadline for the Offer was 5.00 p.m. (CET) on 5 December 2023.

As announced in the Indicative Results Announcement, the Company has received valid tenders of €69,647,000 in aggregate nominal amount of the Notes for purchase pursuant to the Offer. The Company announces that it has decided to set the Final Acceptance Amount at €69,647,000 in aggregate nominal amount of the Notes and, accordingly, that it will accept for purchase all validly tendered Notes in full, with no pro rata scaling.

Pricing for the Offer took place at or around 11.00 a.m. (CET) today (the Pricing Time).

A summary of the final results and pricing of the Offer appears below:

Description of the Notes	ISIN/ Common Code	Final Acceptance Amount	1 Year Mid-Swap Rate	Purchase Yield	Purchase Price	Scaling Factor
€500,000,000 1.000 per cent. Notes due 2 December 2024	XS1527526799 / 152752679	€69,647,000	3.648 per cent.	3.448 per cent.	97.671 per cent.	Not Applicable

The Settlement Date in respect of those Notes accepted for purchase is expected to be 8 December 2023. As well as the Purchase Price, the Company will also pay an Accrued Interest Payment in respect of Notes accepted for purchase pursuant to the Offer, as further described in the Tender Offer Memorandum.

The Company intends to cancel all Notes it purchases pursuant to the Offer. Following settlement of the Offer, €430,353,000 in aggregate nominal amount of the Notes will remain outstanding.

Barclays Bank Ireland PLC (Telephone: [phone]; Attention: Liability Management Group; Email: [e-mail]) and Standard Chartered Bank AG (Telephone: [phone]; Attention: Liability Management Group; Email: [e-mail]) are acting as Dealer Managers for the Offer and Kroll Issuer Services Limited (Telephone: [phone]; Attention: Jacek Kusion; Email: [e-mail]; Offer Website: https://deals.is.kroll.com/adecco) is acting as Tender Agent.

Further details relating to the contents of this announcement can be obtained from:

Benita Barretto

Group SVP Investor Relations

Email: [e-mail]

LEI Number (Adecco International Financial Services B.V.): 549300PDNGPM4PIAUK57

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum.  No offer or invitation to acquire any securities is being made pursuant to this announcement.  The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law.  Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Company, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

 

END